Nel ASA: Fourth quarter 2021 financial results
Nel ASA (Nel) reported all time high revenues of NOK 248.1 million in the fourth quarter of 2021, up from NOK 229.1 million in the same quarter of 2020 and an EBITDA of negative NOK -167.7 million (Q4 2020: -96.2) following the global scale-up strategy to maintain the leadership position in a market set to grow rapidly. The company had an order intake of NOK 418 million in the period ending the quarter with a record order backlog. The addressable project pipeline doubled during the fourth quarter of 2021, providing a strong long-term outlook.
Nel reported all time high revenues in the fourth quarter of 2021 of NOK 248.1 million (229.1) with an EBITDA of NOK -167.7 million. The reported operating loss was NOK -196.7 million (-139.3), while the pre-tax loss ended at NOK -280.9 million (1 285.1) following the operating loss and a net negative unrealised fair value adjustment from shareholdings of NOK 89.1 million. The backlog grew 25% and ended at record levels of approximately NOK 1.2 billion from the fourth quarter of 2020, and the company holds over NOK 2.7 billion in cash.
The pipeline of potential orders continues to grow and stands at a record-high amount of more than USD 12 billion. The pipeline represents more than 22 GW of installed electrolyser capacity and over 1 000 projects.
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